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USDZAR Slides To Fresh Session Lows Below 18.90

SOUTH AFRICA
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  • Despite Eskom announcing that the company has missed the board’s energy availability target, headlines that the company will likely limit winter power cuts to stage 2 appears to have provided the South African rand with its latest bid. It is worth noting that there has been no loadshedding for 30 consecutive days.
  • USDZAR has traded from around 19.05 to 18.87 in recent trade and is down 0.90% at typing.
  • Modest risk on sentiment is assisting the move, and momentum has picked up as USDZAR breaches a series of previous lows around the 18.92 mark and the 50-day EMA (at 18.9126).
  • Key support remains at 18.4131, the Apr 9 low.
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  • Despite Eskom announcing that the company has missed the board’s energy availability target, headlines that the company will likely limit winter power cuts to stage 2 appears to have provided the South African rand with its latest bid. It is worth noting that there has been no loadshedding for 30 consecutive days.
  • USDZAR has traded from around 19.05 to 18.87 in recent trade and is down 0.90% at typing.
  • Modest risk on sentiment is assisting the move, and momentum has picked up as USDZAR breaches a series of previous lows around the 18.92 mark and the 50-day EMA (at 18.9126).
  • Key support remains at 18.4131, the Apr 9 low.